European wheat rallies to one-year high on escalating Black Sea attacks

Ukraine's top grain exporter Kernel halted operations at Chornomorsk port after Russian attacks, while another Russian strike damaged its vegetable oil terminal in the Odesa region, it said late on Tuesday.

"The big question about the Azov attacks was whether wheat demand will be moved to the EU from Russia. Now we have the extra question about Ukrainian wheat if the Russians attack Ukrainian ports," a German trader said.

A French trader said: "Clearly when you look at a map this means the whole transit will be disturbed and it can only benefit the EU."

Ukrainian ports had not suffered major damage during the war.

Meanwhile, the heatwave continued in west Europe. The French harvest, which has suffered from the heat, is seen falling 4% and there is also talk the German harvest may have lost over 600,000 to 1 million tons in volume.